In this week’s analysis, we will stick to the 4-hour time frame to keep the analysis precise!
Considering our previous analysis, it seems like it was a good idea to be cautious in the market, as Bitcoin dipped lower and hit the $25k level before bouncing back to ~$26k.
BTC bounced from the price support at $25,300. We need to see bulls pull the price back to $28,000 to ascertain their strength. The coin bounced from the zone we had marked as a crucial support level last week.
The support ($25,300) that we had marked in last week’s analysis was the exact zone of reversal after Bitcoin plunged below $26,000. The bulls stepped in at the right time as this support was very crucial.
The price saw a reversal after the RSI dipped into the oversold zone. The RSI has recovered since and could be ready for another sell-off (not financial advice). It would be safer for traders to maintain caution at the moment.
ETH has once again been relatively stronger than BTC.
It is back, trading above the resistance at $1,830. The next price ceiling can be seen at $1,905. Once this resistance is taken out, we can expect a strong move (not financial advice).
Even though BTC has hit a low, ETH has risen since our previous analysis. This shows that ETH is clearly stronger at the moment. Seems like the coin might test the resistance at $1,905 soon, which, if taken out, could push the price to $2,000.
However, if the support at $1,825 is broken, the price could plunge to $1,790. At the time of writing, it is looking like the bulls are in control (not financial advice).
In our previous analysis, we ascertained that NEAR would remain until it is able to flip the resistance (price ceiling) at $1.8. The price, once again, fell sharply to hit a new low at $1.43.
We had expected NEAR to test the $1.45 support level soon in last week’s analysis. This week, the price tested the support after a sharp sell-off. NEAR continues to hit a new low every week, therefore, it is better to maintain caution until some strength is seen (not financial advice).
The resistance at $3.7 was briefly reclaimed by ADA. However, the bears proved to be too strong, resulting in the price falling to $3.4. This is a very crucial level, thus traders must be very careful.
ADA almost broke the long-term resistance at $3.7. As the resistance was too strong, the bulls were not able to sustain the breakout. The price soon plunged to $3.4 and has not shown any signs of reversal. If this level is broken, expect a strong sell-off to $0.32 (not financial advice).
FTM experienced a similar situation after it hit yet another low this week. The bears have taken complete control after the price pierced through the $0.30 level. Traders should continue steering clear of FTM until a strong reversal is seen (DYOR).
FTM continues to be the worst-performing coin in this list this week after it fell by over 10%. The price has breached the $0.30 level and is now down to the $0.20 zone. The bulls are nowhere to be seen, and it does not look like the situation will change anytime soon (not financial advice).
AVAX has been trading sideways since last week, thus the overall analysis would remain constant. We need to see a break of the price ceiling at $15 to see some bullish action (do your own research).
The price has recovered back above the support at $14 and is looking to test the next supply zone at $15 this week.
ETH has performed relatively stronger than other giants.
NEAR has to break resistance.
ADA hit a new low.
FTM is experiencing the biggest decline in this list.
AVAX traded sideways.
Remember that this is all based on the subjective views of the writer and should not be construed as financial advice. As always, DYOR!
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